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Pulished Date February, 2021
ID: 11047
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Smart Hospitality Market by Software (Hotel Building Automation System and Hotel Operation Management System), By Hotel Type (Resort & Spas, Boutique, Heritage, and Business), By Deployment Model (Off-Cloud Deployment and On-Cloud), and Region, Market Share, In-Depth Analysis, Detailed Overview, and Forecast, 2021-2026.

Pulished: February, 2021
ID: 11047
Pages: 180

Smart Hospitality Market Size & Growth:

The Smart Hospitality Market is anticipated to increase to USD 18.11 billion, registering a CAGR of 25.8% throughout the conjecturev period (2021-2026).

Various hotel brands can customize and personalize both their back-end solutions and those that enable a more remarkable experience for the traveler. Smart Hospitality offers free HD channels, interactive TV, IPTV services and Wi-Fi for hotels. Help improve customer experience and satisfaction. Smart hospitality includes smart hotels that use new and innovative technologies to meet the needs of guests.

However, when it comes to building these next-generation hotels, a big but invisible smart revolution is taking place in the construction process itself. For example, several entrepreneurs are partnering with various technology companies to build smarter and better hotels for less and in less time. BIM (Building Information Modeling) technology is at the heart of the hotel construction revolution, and also one of the most auspicious technological advancements in the architecture, engineering and construction industry.

Impact of COVID-19 on Smart Hospitality Market:

The recent coronavirus (COVID-19) sparked global concern in early January 2020, and by the end of March 2020, the virus had infected several people around the world (WHO, 2020). The severity of the pandemic can be assessed based on the numbers of past outbreaks, such as SARS, the Spanish flu, etc. Due to the COVID-19 pandemic, job losses in the travel and tourism industry are expected to be 100.08 million worldwide. The pandemic has affected not only economically but also politically and socially.

As the number of infected cases increases throughout the country and with the implementation of certain measures and campaigns such as social distancing, community closures, working from home, staying at home, automatic or mandatory quarantine, reduction of overcrowding, etc., pressure is created to close the tourism industry. This change in the current system caused the onset of recession and depression, seeking a transformative change in society. According to Liu et al. (2019), the fastest growing sector is the tourism industry which benefits many other sectors such as accommodation, catering, transport, retail, entertainment, etc. contributing to economic growth and global recovery.

Recent Developments:

  • In 2018, Honeywell, a leading market player, launched new connected hotel solutions for energy, cloud management, and smart lighting controls. With the help of this new Honeywell launch, the hospitality industry can fully integrate security and protection systems, energy management, branded network operations, property management, for automation rooms and buildings. These new launches have a positive impact on market growth.
  • In August 2019, Cisco completed the acquisition of Sentryo, a provider of device visibility and security solutions for Industrial Control Systems (ICS) networks. This acquisition enables Cisco to provide control systems engineers with deeper visibility into assets to optimize, detect anomalies, and secure their networks to optimize, detect anomalies, and secure their networks.
  • In August 2019, InterContinental Hotels Group announced the expansion of its Avid hotel brand. It will be a 95-room hotel that will have rooms designed for a restful sleep, with the intervention of the latest entertainment technologies to offer guests a unique experience and a high-quality breakfast. The extension will offer new features to provide a quality experience for customers.
  • In August 2019, SG Developers announced the acquisition of IIPL to develop smart solutions using technology. This acquisition will expand the company's R&D capabilities and develop smart solutions and next-generation products for the hospitality industry.

Drivers and Restraints of Smart Hospitality Market:

The smart hospitality market is expected to grow due to the increasing adoption of smart hospitality technology and services by various companies in the hospitality industry. The implementation of smart hotel technology could improve impressions and customer satisfaction. Many companies offer a variety of smart hospitality solutions and technologies, meeting different customer needs. Some of these technologies are highly innovative, such as those that allow hoteliers easy check-in options. For example, a company called StayNtouch provides a PMS overlay for clients. This allows the front desk to register and create key cards outside of the office. Additionally, a company called Hospitalityplus offers automation for room allocation. Allocating hotel rooms based on category, view, and preference is often a tedious manual process, but this system allows hotels to automatically provide a different room for their guests. Rooms will inevitably be overbooked, allowing hotels to decide which guest has a room and actively manage guest expectations prior to arrival. Lack of technically qualified staff or IT services could be the limiting factor for the smart hospitality market. Additionally, qualified staff can help integrate and successfully implement technologies in the hotel. For example, in many hotels there is a lack of qualified IT staff who can support guests with smart hospitality features and help hotel guests use the smart apps available at the hotel.

The increasing use of the Internet of Things (IoT) and other innovative technologies in the hospitality industry is supposed to provide new opportunities for the smart hospitality market. For example, different companies such as Starwood and Hilton offer their customers the possibility of opening their doors through their mobile applications using Bluetooth technology. By using smart hospitality solutions, these hotels increase guest satisfaction and reduce labor costs by saving time that would otherwise be spent at the front desk. Also, knowing that a Facebook user is classified as married can help Google create more accurate ad campaigns for that same user on the Google search engine. This individual data can also be used to provide personalized service to hotel guests to make them feel satisfied and special. For example, an IoT platform could remember a guest's different comfort preferences and automatically organize the room for their next stay, including lights, temperature, curtains, and TV channels. The television could even greet and greet guests by name as soon as they walk through the door to make them feel special.

Smart Hospitality Market Segmentation:

Smart Hospitality Market – By Software:

  • Hotel Operations Management System

  • Hotel Building Automation System

Hotel construction technology is expanding in scope, including building automation for facility management and emergency response, building energy optimization, parking management, and water management. The adoption of the hotel automation system is driven by the increasing demand for energy and efficient methods in the facilities. On the basis of service, market is segmented into managed and professional. Professional services grow at a higher CAGR during the forecast period due to advanced technology.

Smart Hospitality Market – By Type of Hotel:

  • Commercial Heritage
  • Boutique
  • Resort and Spas

Business hotels cater primarily for business travelers, tour groups, individual tourists, and small conference groups. Business hotels therefore provide their guests with advanced communication capabilities that help their clients organize meetings, conferences and connect with partners on a global scale.

Smart Hospitality Market – By Deployment Model:

  • Cloud
  • Non-cloud deployment.

Cloud deployment called SaaS and PaaS enables deployment in a virtual environment. The segment is growing at a higher CAGR due to lower costs and a significant experience for shipping customers.

Smart Hospitality Market – By Regions:

  • United States
  • Canada
  • Mexico
  • others

Europe dominates the global market due to technological developments, robust internet infrastructure, and inclination towards IoT. The need for improved low-cost operational efficiency is expected to drive continued growth in the smart hospitality market. North America is the second largest market in the global smart hospitality industry due to the availability of advanced techniques, and the region is home to several large and small software companies. APAC regions are foreseen to grow at a higher CAGR due to the ability to manage outsourcing solutions and a large pool of contact centers.

Leading Company

NEC Enterprise Solutions had the largest share of the Smart Hospitality Market in terms of sales and revenue in 2020.

Key Players

Major players in the Smart Hospitality Market include Cisco Systems, Honeywell International Inc., NEC Enterprise Solutions, Huawei Technologies Co., Ltd, Yelp Inc., Peach Technologies Ltd, CONTROL4 Corporation, and Samsung.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Smart Hospitality Market, By Software                           

                                6.1.1 Hotel Building Automation System

                                6.1.2 Hotel Operation Management System       

                                6.1.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.4 Y-o-Y Growth Rate Analysis              

                                6.1.5 Market Attractiveness Index           

                6.2 Smart Hospitality Market, By Hotel Type                       

                                6.2.1 Resort & Spas        

                                6.2.2 Boutique 

                                6.2.3 Heritage   

                                6.2.4 Business  

                                6.2.5 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.6 Y-o-Y Growth Rate Analysis              

                                6.2.7 Market Attractiveness Index           

                6.3 Smart Hospitality Market, By Deployment Model                      

                                6.3.1 Off-Cloud Deployment      

                                6.3.2 On-Cloud 

                                6.3.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.3.4 Y-o-Y Growth Rate Analysis              

                                6.3.5 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Software           

                                7.2.3 By Hotel Type        

                                7.2.4 By Deployment Model       

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Software           

                                7.3.3 By Hotel Type        

                                7.3.4 By Deployment Model       

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Software           

                                7.4.3 By Hotel Type        

                                7.4.4 By Deployment Model       

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Software           

                                7.5.3 By Hotel Type        

                                7.5.4 By Deployment Model       

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Software           

                                7.6.3 By Hotel Type        

                                7.6.4 By Deployment Model       

8. Key Player Analysis                                    

                8.1 Cisco Systems                           

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Honeywell International Inc                

                8.3 NEC Enterprise Solutions                      

                8.4 Huawei Technologies Co., Ltd                             

                8.5 Yelp Inc                        

                8.6 Peach Technologies Ltd                         

                8.7 CONTROL4 Corporation                        

                8.8 Samsung                     

9. Market Outlook & Investment Opportunities                                 

10. Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Smart Hospitality Market By Region, From 2021-2026 ( USD Billion )
  2. Global Smart Hospitality Market By Software, From 2021-2026 ( USD Billion )
  3. Global Hotel Building Automation System Market By Region, From 2021-2026 ( USD Billion )
  4. Global Hotel Operation Management System Market By Region, From 2021-2026 ( USD Billion )
  5. Global Smart Hospitality Market By Hotel Type, From 2021-2026 ( USD Billion )
  6. Global Resort & Spas Market By Region, From 2021-2026 ( USD Billion )
  7. Global Boutique Market By Region, From 2021-2026 ( USD Billion )
  8. Global Heritage Market By Region, From 2021-2026 ( USD Billion )
  9. Global Business Market By Region, From 2021-2026 ( USD Billion )
  10. Global Smart Hospitality Market By Deployment Model, From 2021-2026 ( USD Billion )
  11. Global Off-Cloud Deployment Market By Region, From 2021-2026 ( USD Billion )
  12. Global On-Cloud Market By Region, From 2021-2026 ( USD Billion )

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